Most expensive Texas home takes $10M price cut

The most expensive home in Austin has found its way back on the market, but this time it’s asking $10 million less.

The home in Comanche Trail Estates was first listed for $45 million in April but taken off the market a month later, Mansion Global reported. Now the home, listed by Gary and Michelle Dolch of Compass, is back on the market, asking $35 million.

The price cut reflects the market trend that inflation and rising borrowing costs are leading to homes sitting on the market longer.

Known as Villa Del Lago, the Mediterranean-style mansion sits on 21 acres overlooking Lake Travis. The six-bedroom home includes five fireplaces, a library, a wine cellar and a massage room. There is also a game room, a bar, a movie theater and a billiards area.

“There are no other 20-plus-acre waterfront lots in the area, so there is a premium for that because there is a potential for further development,” Dolch told the outlet. “The main home is over 16,000 square feet and would cost well in excess of $800 per square foot to rebuild.”

In addition to the main house, the property also has a 3,000-square-foot entertainment pavilion with two bars and a fireplace. A negative-edge swimming pool, outdoor kitchen and firepit, waterfalls and a grotto carved into the hillside, and a private custom boathouse are part of the package.

From January through May this year, the number of homes priced at $1 million or more sold in Austin was almost double the number sold in all of 2018. Meanwhile, during this same period, the number of luxury homes that sold in Houston, Dallas-Fort Worth and San Antonio, was about the same compared to four years ago, said Joshua Roberson, lead data analyst with the Texas Real Estate Research Center.

The last time Villa Del Lago sold in 2018, it was listed for $13.5 million.

Read more

Austin

Austin on track to surpass Houston — and maybe DFW — in luxury home sales

— Victoria Pruitt